Question

On February 1, 2016, Fresno Company sells merchandise on account to Aiken Company for $7,800. The entry to record this transaction by Fresno Company is

Answer 1

The entry to record the transaction by Fresno Company on February 1, 2016, is to debit Accounts Receivable (Aiken Company) and credit Sales Revenue both for $7,800.

Step-by-step explanation:

The entry to record the transaction by Fresno Company is:

Date Account Titles  Debit Credit

February 1, 2016  Accounts Receivable (Aiken Company)  $7,800  Sales Revenue $7,800